The Reserve Bank will keep interest rates steady at its 21 September meeting, economists say, with cuts to start next year.
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Headline consumer inflation fell more than expected to 4.7% year on year in July from 5.4% in June.
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Unplanned outages at Eskom’s generating fleet fell to less than 16GW in the past two months, President Cyril Ramaphosa said.
The Reserve Bank decided to halt interest rate hikes on Thursday for the first time since November 2021.
Inflation has fallen below the Reserve Bank’s target ceiling for the first time in 14 months.
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The crisis may have reduced the nation’s economic growth rate by as much as 3.2 percentage points last year.
The Reserve Bank will keep monetary policy tight for longer to tame persistent inflation, governor Lesetja Kganyago said.
The Reserve Bank is working on a contingency plan to ensure the country’s payments system remains in operation in the event Eskom’s electricity grid collapses.